Samsung will rebate monthly lease and installment payments for the latest Galaxy smartphones up to $120 and will kick in $100 more for trading in an iPhone.

The offer, described online on Sunday, excludes devices sold or running on the AT&T network. But it does apparently apply to a lease or installment plan from T-Mobile, Sprint, Verizon Wireless or US Cellular. The devices that are eligible are the Galaxy S6, Galaxy S6 Edge, Galaxy Note 5 and the Galaxy S6 Edge Plus.

In one example, a Galaxy S6 through Verizon would require a $24 monthly payment for 24 months to pay off the device. Samsung's offer covers those payments up to $120. The redemption period ends Oct. 9, according to online conditions.

For smartphone users switching to Galaxy from the iPhone, the $100 award will come in the form of a $100 Google Play gift card.

Samsung has been hot on the tail of Apple for years, and is expected to set up its own leasing program; Apple announced the iPhone Upgrade Program on Sept. 9. "If Apple does it, then it must be good enough for Samsung," said Roger Entner, an analyst at Recon Analytics.

In other news, Samsung announced the official launch of Samsung Pay in the U.S. on Monday, although the company had previously supported NFC payments on recent Galaxy devices through other payment apps. Samsung Pay was unveiled in March.

Samsung Pay works on Galaxy S6, S6Ege, Note 5 and S6 Edge Plus devices that run on AT&T, T-Mobile, Sprint and U.S. Cellular. Samsung Pay is backed by digital tokens, Samsung Knox security and fingerprint authentication. It's compatible with most payment terminals -- including those accepting magnetic stripe, chip cards (ENV) and NFC. Consumers must be using MasterCard, Visa or American Express issued by Bank of America, Citi, American Express or U.S. Bank. Samsung Pay works with magnetic strip card readers, giving wider usage for consumers than Apple Pay, which does not.